You are here: Home » Economy & Policy » News
Business Standard

India gave RCEP a miss in view of unresolved issues, global situation: MEA

'India had significant issues of core interest that remain unresolved' MEA said.

RCEP deal | RCEP | RCEP negotiations


Image source:

India's decision to not join the Regional Comprehensive Economic Partnership (RCEP) agreement reflects its assessment on the current global situation as well as the fairness and balance of the agreement, the Ministry of External Affairs (MEA) said on Monday, adding that the country had "significant issues of core interest that remained unresolved".

Briefing media persons shortly after the major development on the RCEP, Secretary (East) in the MEA Vijay Thakur Singh said that Prime Minister Narendra Modi, while speaking on India's decision, highlighted that he was guided by the impact it would have on the lives and livelihood of all Indians, especially the vulnerable sections of the society.

"India conveyed its decision at the summit to not join the agreement. This reflects both our assessment of the current global situation, as well as the fairness and balance of the agreement," said Singh.

"India had significant issues of core interest that remain unresolved," she added.

Singh noted that India has participated in good faith in the discussion and has negotiated hard with "a clear-eyed view of our interests."

"In the given circumstances, we believe that not joining the agreement is the right decision for India. We would continue to persevere in strengthening our trade, investment, and people to people relations with this region."

To the repeated queries from the journalists as to whether India would ever join the RCEP, Singh reiterated, "India has conveyed its decision to not join the agreement."

The Prime Minister had said earlier that India remains committed to a comprehensive and balanced outcome of and seeks balance across goods, services and investments and also within each pillar.

RCEP is a proposed free trade agreement (FTA) between the ten member states of ASEAN and six FTA partners.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, November 04 2019. 19:51 IST